New Delhi: Mahakumbh has started in Prayag Raj, Uttar Pradesh. Which will run till 26th February. Today, on the first day, lakhs of devotees took bath in the Ganga. However, today there was a big decline in the stock market.
Due to heavy fall of rupee against the dollar and rise in crude oil in the global market along with other adverse news, the Indian stock market continued to soften in the new week starting from today, a difference of 1015 points was recorded in the stock market. Today Sensex rose by 345 points and Nifty rose by 345 points. Sensex and Nifty witnessed heavy fall on the first day of the week due to Chomar selling pressure led by foreign investors. Sensex today closed at 76330.01 with a fall of 1048.90 points (1.36 percent). Nifty closed at 23085.95, down 345.55 (1.47 per cent). Investors have lost Rs 12 lakh crore due to this cut.
The historical pattern of the market suggests that this time during the 45 days of Kumbh, there may be a further decline in the Sensex. The Sensex has never given positive returns during the Kumbh Melas held in the last two decades.
According to an analysis, the average loss of the Sensex during the last six Kumbh Melas held since 2004 has been 3.42 per cent. Meanwhile, the market is continuously falling. The highest decline was seen during the Kumbh Mela from 14 July to 28 September 2015. During this Kumbh in Nashik, Sensex fell by 8.29 percent. Similarly, the Sensex fell 4.16 per cent during the 18 days of the last Kumbh held in Haridwar from April 1 to April 19, 2021. The Sensex fell 3.29 percent during the Kumbh held in Ujjain from 5 April to 4 May 2004.
